BELGIUM: FSMA Update FAQs on Takeover Bids

Wednesday January 10 2018

On 10th January 2018, the FSMA updated Frequently Asked Questions (FAQs) on Takeover Bids and the MAR.

Questions include:

• When does a potential bidder have to announce his/her intention to launch a bid?
• What information has to be included in a press release in which the potential offeror announces his/her intention to launch a bid?
• When notifications have to be made of transactions in securities carrying voting rights or conferring access to voting rights in the offeree company, the offeror or the company whose securities are being offered by way of consideration?
• Do the provisions regarding the obligation to disclose any inside information to the public apply in the context of the preparation of a takeover bid?
• Does the legislation governing market abuse offer a legal framework for an offeror’s negotiations regarding its takeover bid?
• May an offeror still buy securities in the offeree company during the preparation of a takeover bid, in order to strengthen its position within the shareholdership (also known as stake-building)?

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